A study of the national property price register outlines the extent of the property market revival, which got under way in earnest last year with more than €3.6bn spent in Dublin alone – up 34pc on the previous year. In total there were 246 sales in the capital last year, worth €1m or more.

Transaction numbers in the capital also rose by 17pc to 10,000 and accounted for almost one-third of all deals nationwide, according to figures unveiled yesterday by Myhome.ie. However, investor activity and big block purchases had a major impact and, in some areas, a disproportionate impact on sales numbers and values.

SHORTAGE

For example, Dublin 8 saw the country's biggest increase in transaction values (up 255pc) but much of this was accounted for by the disposal of a former barracks which contained multiple homes.

However, despite the increase, it has become clear that Dublin's shortage of property continues – with the number of homes for sale now standing at just one-third of what they should be in a normal market.

The most valuable transaction tally nationwide was for the Co Dublin area, which accounted for almost €1bn worth of sales. This was followed by Dublin 6, which had €305m in home sales; next came D14 with €296m; and then D4, with €290m worth of deals.

The biggest one-off residential sale was that of Walford, Shrewsbury Road, Dublin 4, in March for €14m. At the other end of the scale the cheapest property was 15 St Aidan's Park in Marino, Dublin 3, which sold for just €6,000 in June.

Dublin 10, which covers Ballyfermot and Cherry Orchard, was the only postcode to show a fall in the level of transactions, down 5pc compared with 2012 – most likely due to a shortage of property for sale and an unwillingness by locals to sell.

Angela Keegan, MD of MyHome.ie, said it was clear the property market turned a corner in 2013 and the market needed a much higher level of transactions.

"While the increase in the level of transactions is most welcome in Dublin and nationally, the current number of sales transactions represents just 1pc of our housing stock. The comparable figure in the UK is 4pc. So we are still clearly in the early stages of recovery," Ms Keegan said.

She also expressed concern about the supply shortages in some parts of Dublin, which is clearly driving prices.

"Right now there are less than 3,000 properties available for sale in Dublin. This compares to 6,000 this time two years ago. To maintain affordability and meet growing demands the Government needs to move quickly to ensure an adequate supply of properties is available across the city.

"Priority needs to be given to obtaining planning permission for sites where there is a market demand for homes."